Apple and Palantir Reported Results Ahead of U.S. Midterms, Jobs Data

Apple and Palantir reported results after the U.S. market closed Nov. 2 as investors weighed AI spending, falling oil prices and Tuesday’s midterm elections ahead of Friday’s jobs report.

Apple’s release covered its third quarter. Recent results from Meta, Tesla, Amazon and Alphabet raised investor concerns about spending and whether it will produce returns. Apple has estimated capital spending of $11 billion to $14 billion this year, while AI hyperscalers are spending more than $100 billion on data centers. Investors were weighing capital spending against earnings, financing needs, pressure on existing businesses and evidence of returns.

The reports were part of the week’s earnings, elections and jobs data calendar. Brent and West Texas Intermediate crude prices fell Monday as markets tracked U.S.-Iran diplomacy. Secretary of State Marco Rubio said President Donald Trump favored a peaceful resolution to the conflict, while investors watched negotiations and the government’s next steps.

Congressional elections Tuesday, Nov. 3, will determine party control in both chambers for the next two years. Voters will choose representatives for every House district and about one-third of the Senate. The S&P 500 rose an average of 14% in the six months after midterm elections from 1970 onward. Volatility may persist while investors await results; in 2018, stocks were an exception to the usual post-election gains during a period of rising rates.

Economists forecast 55,000 new jobs in October, compared with 29,000 in September. The Bureau of Labor Statistics will release its Employment Situation report Friday, Nov. 6, at 8:30 a.m. ET. Employment figures may shape expectations for Federal Reserve policy. On Nov. 2, market pricing put the chance of a 25-basis-point rate increase at 78%.